Time Explores Magazine Sale

By

Keach Hagey and

John Jannarone

Updated Feb. 13, 2013 7:29 p.m. ET

Time Warner Inc. is in talks to divest most of its Time Inc. magazine group in a deal with Meredith Corp., said people familiar with the situation, potentially ending its long reign as the biggest U.S. magazine publisher.

Under the proposal being discussed, Time Warner would retain its flagship newsweekly Time, along with Sports Illustrated and Fortune. But the rest of its magazines, including People, InStyle and Real Simple, would...